Indian economic growth is being surpassed by wealth accumulation. Again.

As long as private wealth grows faster than income, workers will remain excluded from any notion of shared prosperity. Rishabh Kumar digs up the records as far as possible to build wealth-income ratios for India and investigate their relationship to the structure of national savings

Capital and the Hindu rate of growth: Wealth concentration in newly independent India 1961-1986

I provide estimates for the size and importance of top wealth-holders in India during the stagnant growth phase before the early 1990s liberalization. Relative to national income which famously grew at The Hindu Rate of Growth, my paper suggests a large and fast decline in the wealth of India\u27s Top 0.1%. Due to the effects of inflation, progressive property taxation and nationalization much of incumbent private wealth was dismantled. New wealth was made of movable assets which unlike urban and agricultural land actually recovered in value. I offer explanations of these transformative dynamics based on the attitudes of the Indian state during and prior to the reign of Indira Gandhi. The results link the composition of the rich in colonial India versus post-liberalization India with important implications for wealth inequality, the equalizing forces inherent in tax policy and the role of the state in regulating social disparities

Capital is back? The fall and rise of the rich in India

Concentration of wealth in India maybe returning to pre-independence levels

Massive Scattering Amplitudes in Six Dimensions

We show that a natural spinor-helicity formalism that can describe massive scattering amplitudes exists in $D=6$ dimensions. This is arranged by having helicity spinors carry an index in the Dirac spinor {\bf 4} of the massive little group, $SO(5) \sim Sp(4)$. In the high energy limit, two separate kinds of massless helicity spinors emerge as required for consistency with arXiv:0902.0981, with indices in the two $SU(2)$'s of the massless little group $SO(4)$. The tensors of ${\bf 4}$ lead to particles with arbitrary spin, and using these and demanding consistent factorization, we can fix $3-$ and $4-$point tree amplitudes of arbitrary masses and spins: we provide examples. We discuss the high energy limit of scattering amplitudes and the Higgs mechanism in this language, and make some preliminary observations about massive BCFW recursion.Comment: 37 pages; v2: minor improvements, JHEP versio

Comparison of Microstructures and Properties of Ae42 Magnesium Alloy and Its Composites

Magnesium as an energy proficient material has the potential to replace steel, aluminum and some plastic-based materials. There is a great interest in using magnesium (Mg) alloys in the automotive industry due to greater environmental concern. Fuel resources are limited so it should be conserved and the harmful emissions in the environment should be reduced. Magnesium with a density of 1.74 gm/cm3 is a light metal and is suitable for automotive purpose. In this investigation the microstructure and properties of AE42 magnesium alloy and its composites reinforced with saffil short (essentially d-Al2O3) fibers and Sic particles has been studied. Both optical and SEM characterization study is carried out. Hardness values reveal that the composites are more promising than the alloy. Wear study is carried out on Ball on Plate Wear Tester at a normal load of 5 N and 10 N at rotational speed of 25 rpm. Though wear rate increases with the normal load, composites show more resistance to indentation than the AE42 alloy. Large curly chips are observed in case of magnesium alloy. Immersion test reveals that composites are more prone to corrosion due to galvanic cell creation within itself because of the presence of fibers and Sic particles

Credit from the Monopoly Bank

We establish that a monopoly bank never uses collateral as a screening device. A pooling equilibrium always exists in which all borrowers pay the same interest rate and put zero collateral. Absence of screening leads to socially inefficient lending in the sense that some socially productive firms are denied credit due to excessively high interest rate

Payment Fintechs and Debt Enforcement

Fintech payment companies acting as lenders possess a potential solution to weak debt enforcement. Their location in the payment chain yields them a senior position in the revenue stream of the borrowing merchant, as the payment company can deduct part of the merchant's sales it processes to amortize the loan. Our analysis of the transactions processed through a fintech company offering such sales-linked loans suggests that some borrowers discontinuously reduce sales processed through the company immediately after the loan disbursal to strategically default. We find that competition from other lenders and cash limits the effectiveness of this enforcement technology

Management of idiopathic clubfoot by Ponseti’s method: a comparative clinical study on toddlers with radiological correlation

Background: In developed countries, many children with clubfoot undergo extensive corrective surgery, often with disturbing failures and complications. The need for one or more revision surgeries is common. Although the foot looks better after surgery, it is stiff, weak, and often painful. Non-operative treatment of clubfoot provides a lower complication rate, less pain, and higher function as the patient ages. Lack of information regarding reasons for adherence to the regimen makes it difficult for health providers and health planners to determine the impact of treatments on health status or weigh the cost/benefit ratio for prescribing costly treatments to the patients. Therefore, it is important to understand how parents and health care givers manage their children’s treatment and the potential barriers these parents encounter during the utilization of clubfoot treatment services. It is important to determine the compliance of patients to clubfoot correction treatment in order to identify and target factors that may positively or negatively influence cases attending the clinic.Methods: 25 cases with clubfoot were studied in the Department of Orthopaedics, Katihar Medical College. Out of these, 13 cases (Group A) were children over 1 year of age with neglected clubfoot and 12 cases (Group B) were children under one year of age with idiopathic clubfoot.Results: The Ponseti method delivers excellent correction of clubfoot without the associated risks and complications of major foot surgery. Patients treated with Ponseti’s method have leverage in treatment of clubfoot than those treated by other conservative methods. The method provides more flexible foot and ankle than those treated surgically.Conclusions: Treatment of clubfoot if commenced early will have better result. Children of age less than 1 year respond better than children of older age group. Younger children require fewer correction casts